Overview and Scope
Generative artificial intelligence in insurance refers to the use of AI techniques and algorithms in the insurance sector to produce new information, insights, or products that improve many facets of insurance operations and services. It helps insurers assess risks accurately, streamline processes like underwriting and claims, enhance customer service, and innovate new products.
Sizing and Forecast
The generative AI in insurance market size has grown exponentially in recent years. It will grow from $0.78 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 39.3%. The growth in the historic period can be attributed to fraud detection needs, regulatory compliance requirements, operational efficiency needs, and data proliferation.
The generative AI in insurance market size is expected to see exponential growth in the next few years. It will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 39.5%. The growth in the forecast period can be attributed to enhanced fraud detection, predictive analytics, customer experience enhancement, competitive advantage, and emerging technologies integration. Major trends in the forecast period include hyper-personalized policies, predictive risk modeling, automated claims processing, AI-driven customer service, and ethical AI governance.
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Segmentation & Regional Insights
The generative ai in insurance market covered in this report is segmented –
1) By Technology: Machine Learning, Natural Language Processing
2) By Deployment Model: On-Premise, Cloud
3) By Application: Personalized Insurance Policies, Automated Underwriting, Claims Processing Automation, Fraud Detection And Prevention, Virtual Assistants And Customer Support, Other Applications
4) By End-User: Individual Policyholders, Commercial Policyholders
North America was the largest region in the generative AI in insurance market in 2023. The regions covered in the generative AI in insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for insurance plans is expected to propel the growth of generative AI in the insurance market going forward. Insurance plans refer to contractual agreements between an insurance provider and an individual or entity, offering financial protection against specific risks in exchange for premium payments. The demand for insurance is increasing as it provides individuals, businesses, and organizations with a financial safety net against unexpected events and risks. Generative AI analyzes insurance plan data to personalize offerings, tailoring them to individual needs and preferences for more attractive insurance options. For instance, in September 2023, according to the United States Census Bureau, a US-based government agency, in 2022, the percentage of individuals with health insurance increased to 92.1%, equivalent to 304.0 million people, compared to 91.7%, or 300.9 million individuals, in 2021. Therefore, increasing demand for insurance plans drives generative AI in the insurance market.
Key Industry Players
Major companies operating in the generative AI in insurance market report are Pegasystems Inc.; Shift Technologies Inc.; Lemonade Inc.; DataRobot Inc.; Metromile Inc.; Artivatic.AI Pvt Ltd.; HyperScience Inc.; Tractable Ltd.; Cape Analytics Inc.; Archipelago Analytics Inc.; Tinubu Square; Planck Resolution Ltd.; Akur8; Zesty AI Inc.; Betterview Marketplace Inc.; Flyreel Co.; Quantemplate Limited; Human API Inc.; Groundspeed Analytics Inc.; FRISS Inc.; Atidot; Claim Genius Inc.; Boost Insurance Agency Inc.; Kasko Ltd.; RiskGenius Inc.
The generative ai in insurance market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Generative AI In Insurance Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Generative AI In Insurance Market, Segmentation By Deployment Model, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Generative AI In Insurance Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Pegasystems Inc. Financial Performance
Table 76: Shift Technologies Inc. Financial Performance
Table 77: Lemonade Inc. Financial Performance
Table 78: DataRobot Inc. Financial Performance
Table 79: Metromile Inc. Financial Performance
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